- Conference Call Scheduled for 9 a.m. EDT Today -
EXTON,
Pa., Oct. 24, 2024 /PRNewswire/ -- West
Pharmaceutical Services, Inc. (NYSE: WST) today announced its
financial results for the third-quarter 2024 and declared a
fourth-quarter 2024 dividend.
Third-Quarter 2024 Summary (comparisons to prior-year
period)
- Net sales of $746.9 million
declined 0.1%; organic net sales decline was 0.5%.
- Reported-diluted EPS of $1.85,
compared to $2.14 in the same period
last year.
- Adjusted-diluted EPS of $1.85,
compared to $2.16 in the same period
last year.
- As a result of favorable currency movements, the Company
increased its full year 2024 net sales guidance range to
$2.875 billion to $2.905 billion, up from its previous guidance
range of $2.870 billion to
$2.900 billion.
- The Company increased its full-year 2024 adjusted-diluted EPS
guidance range to $6.55 to
$6.75, up from its previous guidance
range of $6.35 to $6.65.
- The Company also announced that its Board of Directors has
approved a fourth-quarter 2024 dividend of $0.21 per share, a 5.0% increase over the
$0.20 per share paid in each of the
four preceding quarters. This is the thirty-second consecutive
annual increase in the Company's dividend. The dividend will be
paid on November 20, 2024, to
shareholders of record as of November 13,
2024.
Eric M. Green, President, Chief
Executive Officer and Chair of the Board commented; "We are pleased
to report solid third quarter results. Our West team across the
globe continues to execute at a high-level, motivated by our
purpose of improving patient lives. A key aspect of our strategy is
West's team of scientific thought leaders and technical experts who
continue to drive strong partnership and close collaboration with
our customers. This reinforces my confidence in West's execution
capabilities, as we continue to deliver our proven market-led
strategy and attractive long-term potential."
Proprietary Products Segment
Net sales declined by
0.2% to $601.4 million. Organic net
sales decline was 0.5%. High-value products (components and
devices) represented over 75% of segment net sales in the period
led by customer demand for self-injection device platforms.
The Generics market unit had a mid-single digit organic net
sales decline, driven by lower volumes of NovaBrand products.
The Biologics market unit had a low-single digit organic net sales
decline, driven by lower sales of FluroTec®, Westar® and NovaPure®
products, offset by an increase in sales of self-injection device
platforms. The Pharma market unit saw mid-single digit organic net
sales growth, driven by an increase in sales of NovaBrand products
and Administrative Systems.
Contract-Manufactured Products Segment
Net sales grew
by 0.4% to $145.5 million. Organic
net sales were consistent with our performance in the third quarter
of last year. Segment performance was driven by growth in
self-injection devices for obesity and diabetes, offset by a
decrease in sales of healthcare diagnostic devices.
Financial Highlights (first nine months of
2024)
Operating cash flow was $463.3
million, a decrease of 13.8%. Capital expenditures were
$272.1 million, an increase of 7.4%
over the same period last year. Free cash flow (operating cash flow
minus capital expenditures) was $191.2
million, a decline of 32.7%.
During the first nine months of 2024, the Company repurchased
1,409,786 shares for $506.5 million
at an average share price of $359.24
under its share repurchase program.
Full-Year 2024 Updated Financial Guidance
- As a result of favorable currency movements, the Company
increased its full year 2024 net sales guidance range to
$2.875 billion to $2.905 billion, compared to a prior range of
$2.870 billion to $2.900 billion.
- Anticipating a decrease of approximately 1.5% to 2% for organic
net sales.
- Net sales guidance includes an estimated full-year 2024
headwind of approximately $1.0
million based on current foreign currency exchange rates,
compared to previous guidance of a headwind of approximately
$5.0 million.
- Full-year 2024 adjusted-diluted EPS is expected to be in a
range of $6.55 to $6.75, compared to prior guidance range of
$6.35 to $6.65.
- Our updated adjusted-diluted EPS guidance incorporates a
foreign currency exchange rate headwind of $0.02, compared to prior guidance which
anticipated a foreign currency exchange rate headwind of
$0.03.
- The updated guidance also includes EPS of $0.26 associated with first nine-months 2024 tax
benefits from stock-based compensation.
- For the fourth-quarter 2024, our EPS guidance range assumes a
tax rate of 22% and does not include potential additional tax
benefits from stock-based compensation. Any tax benefits associated
with stock-based compensation beyond those recorded in the first
nine-months of 2024 would provide a positive adjustment to our
full-year adjusted-diluted EPS guidance.
- Full-year 2024 capital spending guidance is unchanged and is
expected to be $375 million.
Third-Quarter 2024 Conference Call
The live
audio-only webcast will be made available via the Company's
Investor Relations website here or by clicking here.
To participate in the conference call by asking questions to
Management, please register in advance by clicking here. Upon
registration, all telephone participants will receive the dial-in
number along with a unique PIN number that will be used to access
the call.
Management will refer to a slide presentation during the call,
which will be made available on the day of the call. To view the
presentation, select "Presentations" in the "Investors" section of
the Company's website.
A replay of the conference call and webcast will be available on
the Company's website for 30 days.
Forward-Looking Statements
This release contains
statements that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements may include such words as "raising," "positioned,"
"updating," "expected," "assumes," "unchanged," "includes,"
"would," "provide" and other similar terminology. These statements
reflect management's current expectations regarding future events
and operating performance and speak only as of the date of this
release. There is no certainty that actual results will be achieved
in-line with current expectations. These forward-looking statements
involve a number of risks and uncertainties. The following are some
of the factors that could cause our actual results to differ
materially from those expressed in or underlying our
forward-looking statements: prevailing economic conditions and
general uncertainties relating thereto that may be unknown and
unforeseeable; customers' changing inventory requirements and
manufacturing plans and customer decisions to move forward with our
new products and product categories; disruptions or limitations in
the Company's manufacturing capacity; average profitability, or
mix, of the products we sell; dependence on third-party suppliers
and partners; increased raw material, energy and labor costs;
fluctuations in currency exchange; the ability to meet development
milestones with key customers; and the consequences of other
geopolitical events, including natural disasters, acts of war, and
global health crises. This list of important factors is not all
inclusive. For a description of certain additional factors that
could cause the Company's future results to differ from those
expressed in any such forward-looking statements, see Part I Item
1A, entitled "Risk Factors," in the Company's Annual Report on Form
10-K for the year ended December 31,
2023, and other filings with the United States Securities
and Exchange Commission, including the Company's quarterly reports
on Form 10-Q and current reports on Form 8-K.
Except as required by law or regulation, we undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Non-U.S. GAAP Financial Measures
This release contains
certain non-GAAP financial measures, including organic net sales
and adjusted-diluted EPS. For the purpose of aiding the comparison
of our year-over-year results, we may refer to net sales and other
financial results excluding the effects of changes in foreign
currency exchange rates. Organic net sales exclude the impact from
acquisitions and/or divestitures and translate the current-period
reported sales of subsidiaries whose functional currency is other
than the U.S. Dollar at the applicable foreign currency exchange
rates in effect during the comparable prior-year period. We may
also refer to financial results excluding the effects of
unallocated items. The re-measured results excluding effects from
currency translation and excluding the effects of unallocated items
are not in conformity with U.S. generally accepted accounting
principles ("U.S. GAAP") and should not be used as a substitute for
the comparable U.S. GAAP financial measures. The non-U.S. GAAP
financial measures are incorporated into our discussion and
analysis as management uses them in evaluating our results of
operations and believes that this information provides users a
valuable insight into our overall performance and financial
position. A reconciliation of these adjusted non-U.S. GAAP measures
to the comparable U.S. GAAP financial measures is included in the
accompanying tables.
|
WEST PHARMACEUTICAL
SERVICES, INC.
CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except
per share data)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
$
746.9
|
|
100 %
|
|
$
747.4
|
|
100 %
|
|
$
2,144.4
|
|
100 %
|
|
$
2,217.8
|
|
100 %
|
|
Cost of goods and
services sold
|
482.2
|
|
65
|
|
459.1
|
|
61
|
|
1,419.5
|
|
66
|
|
1,366.8
|
|
62
|
|
Gross
profit
|
264.7
|
|
35
|
|
288.3
|
|
39
|
|
724.9
|
|
34
|
|
851.0
|
|
38
|
|
Research and
development
|
15.5
|
|
2
|
|
16.4
|
|
2
|
|
50.6
|
|
2
|
|
50.0
|
|
2
|
|
Selling, general
and
administrative expenses
|
83.5
|
|
11
|
|
89.0
|
|
12
|
|
253.2
|
|
12
|
|
263.4
|
|
12
|
|
Other expense (income),
net
|
4.4
|
|
1
|
|
5.6
|
|
1
|
|
10.8
|
|
1
|
|
22.5
|
|
1
|
|
Operating
profit
|
161.3
|
|
21
|
|
177.3
|
|
24
|
|
410.3
|
|
19
|
|
515.1
|
|
23
|
|
Interest (income)
expense, net
|
(3.9)
|
|
(1)
|
|
(5.9)
|
|
(1)
|
|
(11.0)
|
|
(1)
|
|
(10.8)
|
|
(1)
|
|
Other nonoperating
expense
(income)
|
0.7
|
|
—
|
|
(3.8)
|
|
—
|
|
0.7
|
|
—
|
|
(3.9)
|
|
—
|
|
Income before income
taxes
and equity in net income of
affiliated companies
|
164.5
|
|
22
|
|
187.0
|
|
25
|
|
420.6
|
|
20
|
|
529.8
|
|
24
|
|
Income tax
expense
|
32.4
|
|
4
|
|
29.4
|
|
4
|
|
70.7
|
|
3
|
|
87.8
|
|
4
|
|
Equity in net income
of
affiliated companies
|
(3.9)
|
|
—
|
|
(3.7)
|
|
(1)
|
|
(12.7)
|
|
—
|
|
(14.4)
|
|
(1)
|
|
Net income
|
$
136.0
|
|
18 %
|
|
$
161.3
|
|
22 %
|
|
$ 362.6
|
|
17 %
|
|
$ 456.4
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.87
|
|
|
|
$ 2.17
|
|
|
|
$
4.96
|
|
|
|
$ 6.13
|
|
|
|
Diluted
|
$ 1.85
|
|
|
|
$ 2.14
|
|
|
|
$
4.91
|
|
|
|
$ 6.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
shares
outstanding
|
72.8
|
|
|
|
74.3
|
|
|
|
73.1
|
|
|
|
74.4
|
|
|
|
Average shares
assuming
dilution
|
73.4
|
|
|
|
75.3
|
|
|
|
73.8
|
|
|
|
75.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST PHARMACEUTICAL
SERVICES
REPORTING SEGMENT
INFORMATION
(UNAUDITED)
(in
millions)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
Net
Sales:
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Proprietary
Products
|
$
601.4
|
|
$
602.5
|
|
$
1,720.6
|
|
$
1,803.6
|
|
Contract-Manufactured
Products
|
145.5
|
|
144.9
|
|
423.8
|
|
414.2
|
|
Consolidated
Total
|
$
746.9
|
|
$
747.4
|
|
$
2,144.4
|
|
$
2,217.8
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
|
|
|
Proprietary
Products
|
$
235.7
|
|
$
261.4
|
|
$
649.8
|
|
$
780.6
|
|
Contract-Manufactured
Products
|
29.0
|
|
26.9
|
|
75.1
|
|
71.3
|
|
Unallocated
|
—
|
|
—
|
|
—
|
|
(0.9)
|
|
Gross
Profit
|
$
264.7
|
|
$
288.3
|
|
$
724.9
|
|
$
851.0
|
|
Gross Profit
Margin
|
35.4 %
|
|
38.6 %
|
|
33.8 %
|
|
38.4 %
|
|
|
|
|
|
|
|
|
|
Operating Profit
(Loss):
|
|
|
|
|
|
|
|
|
Proprietary
Products
|
$
158.2
|
|
$
181.6
|
|
$
415.5
|
|
$
546.5
|
|
Contract-Manufactured
Products
|
21.8
|
|
21.0
|
|
56.1
|
|
53.3
|
|
Stock-based
compensation expense
|
(5.1)
|
|
(5.9)
|
|
(14.4)
|
|
(21.9)
|
|
General corporate
costs
|
(13.6)
|
|
(19.4)
|
|
(46.9)
|
|
(62.8)
|
|
Reported Operating
Profit
|
$
161.3
|
|
$
177.3
|
|
$
410.3
|
|
$
515.1
|
|
Reported Operating
Profit Margin
|
21.6 %
|
|
23.7 %
|
|
19.1 %
|
|
23.2 %
|
|
|
|
|
|
|
|
|
|
Unallocated
items
|
(0.7)
|
|
3.5
|
|
(0.3)
|
|
15.6
|
|
Adjusted Operating
Profit
|
$
160.6
|
|
$
180.8
|
|
$
410.0
|
|
$
530.7
|
|
Adjusted Operating
Profit Margin
|
21.5 %
|
|
24.2 %
|
|
19.1 %
|
|
23.9 %
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF
NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to
"Non-U.S. GAAP Financial Measures" for more
information
(in millions, except
per share data)
Reconciliation of
Reported and Adjusted Operating Profit, Net Income and Diluted
EPS
|
|
|
Three Months ended
September 30, 2024
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$161.3
|
|
$32.4
|
|
$136.0
|
|
$1.85
|
|
Unallocated
Items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
(0.9)
|
|
(0.3)
|
|
(0.6)
|
|
(0.01)
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.2
|
|
0.1
|
|
0.7
|
|
0.01
|
|
Adjusted (Non-U.S.
GAAP)
|
$160.6
|
|
$32.2
|
|
$136.1
|
|
$1.85
|
|
Nine Months ended
September 30, 2024
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$410.3
|
|
$70.7
|
|
$362.6
|
|
$4.91
|
|
Unallocated
Items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
(0.9)
|
|
(0.3)
|
|
(0.6)
|
|
(0.01)
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.6
|
|
0.1
|
|
2.1
|
|
0.03
|
|
Adjusted (Non-U.S.
GAAP)
|
$410.0
|
|
$70.5
|
|
$364.1
|
|
$4.93
|
|
Three Months ended
September 30, 2023
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$177.3
|
|
$29.4
|
|
$161.3
|
|
$2.14
|
|
Unallocated
items:
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.2
|
|
0.1
|
|
0.7
|
|
0.01
|
|
Legal settlement
(3)
|
—
|
|
(0.9)
|
|
(2.9)
|
|
(0.04)
|
|
Cost investment
impairment (4)
|
3.3
|
|
—
|
|
3.3
|
|
0.05
|
|
Adjusted (Non-U.S.
GAAP)
|
$180.8
|
|
$28.6
|
|
$162.4
|
|
$2.16
|
|
Nine Months ended
September 30, 2023
|
Operating
profit
|
|
Income
tax
expense
|
|
Net
income
|
|
Diluted
EPS
|
|
Reported (U.S.
GAAP)
|
$515.1
|
|
$87.8
|
|
$456.4
|
|
$6.05
|
|
Unallocated
items:
|
|
|
|
|
|
|
|
|
Restructuring and other
charges (1)
|
0.1
|
|
(0.3)
|
|
0.4
|
|
—
|
|
Amortization of
acquisition-related intangible assets (2)
|
0.6
|
|
0.1
|
|
2.1
|
|
0.03
|
|
Legal settlement
(3)
|
—
|
|
(0.9)
|
|
(2.9)
|
|
(0.04)
|
|
Cost investment
impairment (4)
|
3.3
|
|
—
|
|
3.3
|
|
0.05
|
|
Loss on disposal of
plant (5)
|
11.6
|
|
(0.7)
|
|
12.3
|
|
0.16
|
|
Adjusted (Non-U.S.
GAAP)
|
$530.7
|
|
$86.0
|
|
$471.6
|
|
$6.25
|
|
(1)
|
Restructuring and other
charges were a benefit of $0.9 million in the three and nine months
ended September 30, 2024. The net benefit represents the impact of
two items, the first of which is a $2.5 million benefit recorded
within other expense (income) related to revised severance
estimates in connection with the Company's 2022 restructuring plan.
This benefit was partially offset by $1.6 million of expense
recorded within selling, general and administrative expenses in
connection with a plan to optimize the legal structure of the
Company and its subsidiaries. The expense consists primarily of
consulting fees, legal expenses, and other one-time costs directly
attributable to this plan. Restructuring and other charges of $0.1
million for the nine months ended September 30, 2023 represent the
net impact of an inventory write down of $0.9 million within cost
of goods and services sold and a $0.8 million benefit within other
expense (income) for revised severance estimates in connection with
its 2022 restructuring plan.
|
|
|
|
(2)
|
During the three and
nine months ended September 30, 2024 and 2023, the Company recorded
$0.2 million and $0.6 million, respectively, of amortization
expense within operating profit associated with an intangible asset
acquired during the second quarter of 2020. During the three and
nine months ended September 30, 2024 and 2023, the Company recorded
$0.6 million and $1.6 million, respectively, of amortization
expense in association with an acquisition of increased ownership
interest in Daikyo.
|
|
|
|
(3)
|
During the three and
nine months ended September 30, 2023, the Company recorded a
benefit of $3.8 million within other nonoperating expense (income)
as a result of a favorable legal settlement related to a matter not
included in our normal operations.
|
|
|
|
(4)
|
During the three and
nine months ended September 30, 2023, the Company recorded expense
of $3.3 million within other expense (income), as a result of an
impairment of one of the Company's cost investments.
|
|
|
|
(5)
|
During the nine months
ended September 30, 2023, the Company recorded expense of $11.6
million within other expense (income), as a result of the sale of
one of the Company's manufacturing facilities within the
Proprietary Products segment. The transaction closed during the
second quarter of 2023.
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF
NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to
"Non-U.S. GAAP Financial Measures" for more
information
(in millions, except
per share data)
Reconciliation of
Net Sales to Organic Net Sales (6
and 7)
|
|
|
Three Months ended
September 30, 2024
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$601.4
|
|
$145.5
|
|
$746.9
|
|
Effect of changes in
currency translation rates
|
(2.2)
|
|
(0.7)
|
|
(2.9)
|
|
Organic net sales
(non-U.S. GAAP) (6)
|
$599.2
|
|
$144.8
|
|
$744.0
|
|
Nine Months ended
September 30, 2024
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$1,720.6
|
|
$423.8
|
|
$2,144.4
|
|
Effect of changes in
currency translation rates
|
0.4
|
|
(0.6)
|
|
(0.2)
|
|
Organic net sales
(non-U.S. GAAP) (6)
|
$1,721.0
|
|
$423.2
|
|
$2,144.2
|
|
Nine Months ended
September 30, 2023
|
Proprietary
|
|
CM
|
|
Total
|
|
Reported net sales
(U.S. GAAP)
|
$1,803.6
|
|
$414.2
|
|
$2,217.8
|
|
Effect of divestitures
and/or acquisitions
|
(4.3)
|
|
—
|
|
(4.3)
|
|
Net sales excluding
divestiture (non-U.S. GAAP) (7)
|
$1,799.3
|
|
$414.2
|
|
$2,213.5
|
|
(6)
|
Organic net sales
exclude the impact from acquisitions and/or divestitures and
translate the current-period reported sales of subsidiaries whose
functional currency is other than the U.S. Dollar at the applicable
foreign currency exchange rates in effect during the comparable
prior-year period.
|
|
|
|
(7)
|
Net sales excluding
divestitures represents the 2023 comparative sales figure used in
our organic sales growth calculation to eliminate the impact of our
2023 divestiture. As the 2023 divestiture took place in the second
quarter of 2023, there was no impact of divestitures and/or
acquisitions in the three months ended September 30,
2023.
|
|
WEST PHARMACEUTICAL
SERVICES
RECONCILIATION OF
NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to
"Non-U.S. GAAP Financial Measures" for more
information
(in millions, except
per share data)
Reconciliation of
Reported-Diluted EPS Guidance to Adjusted-Diluted EPS
Guidance
|
|
|
2023 Actual
|
|
2024
Guidance
|
|
% Change
|
|
Reported-diluted EPS
(U.S. GAAP)
|
$7.88
|
|
$6.52 to
$6.72
|
|
(17.3)% to
(14.7%)
|
|
Loss on disposal of
plant
|
0.16
|
|
—
|
|
|
|
Cost investment
activity
|
0.06
|
|
—
|
|
|
|
Restructuring and other
charges
|
(0.02)
|
|
(0.01)
|
|
|
|
Amortization of
acquisition-related intangible assets
|
0.04
|
|
0.04
|
|
|
|
Legal
settlement
|
(0.04)
|
|
—
|
|
|
|
Adjusted-diluted EPS
(Non-U.S. GAAP) (8)
|
$8.08
|
|
$6.55 to
$6.75
|
|
(18.9%) to
(16.5%)
|
|
|
Notes:
|
|
|
See "Full-year 2024
Financial Guidance" and "Non-U.S. GAAP Financial Measures" in
today's press release for additional information regarding
adjusted-diluted EPS.
|
|
|
(8)
|
We have opted not to
forecast 2024 tax benefits from stock-based compensation in
upcoming quarters, as they are out of the Company's control.
Instead, we recognize the benefits as they occur. In the first nine
months of 2024, tax benefits associated with stock-based
compensation increased adjusted-diluted EPS by $0.26. Any future
tax benefits associated with stock-based compensation that we
receive in 2024 would provide a positive adjustment to our
full-year EPS guidance. In full-year 2023, tax benefits associated
with stock-based compensation increased adjusted-diluted EPS by
$0.42.
|
|
WEST PHARMACEUTICAL
SERVICES
CASH FLOW
ITEMS
(UNAUDITED)
(in
millions)
|
|
|
Nine Months
Ended
September
30,
|
|
2024
|
|
2023
|
|
Depreciation and
amortization
|
$114.7
|
|
$101.4
|
|
Operating cash
flow
|
$463.3
|
|
$537.4
|
|
Capital
expenditures
|
$272.1
|
|
$253.3
|
|
Free cash
flow
|
$191.2
|
|
$284.1
|
|
WEST PHARMACEUTICAL
SERVICES
FINANCIAL
CONDITION
(UNAUDITED)
(in
millions)
|
|
|
As of
September 30,
2024
|
|
As of
December 31,
2023
|
|
Cash and cash
equivalents
|
$490.9
|
|
$853.9
|
|
Accounts receivable,
net
|
$524.3
|
|
$512.0
|
|
Inventories
|
$401.2
|
|
$434.7
|
|
Accounts
payable
|
$224.3
|
|
$242.4
|
|
Debt
|
$202.6
|
|
$206.8
|
|
Equity
|
$2,752.1
|
|
$2,881.0
|
|
Working
capital
|
$1,034.1
|
|
$1,264.6
|
Trademark Notices
Trademarks and registered
trademarks are the property of West Pharmaceutical Services, Inc.,
in the United States and other
jurisdictions, unless noted otherwise.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered
trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies
are licensed from Daikyo Seiko, Ltd.
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SOURCE West Pharmaceutical Services, Inc.
